Innovation in a 60 year old Kirana shop, fake business getting hit: A few of demonetisation’s positives

Today marks the 1st anniversary of demonetisation of the erstwhile Rs 500, Rs 1000 notes and opposition have taken it upon themselves to demonise the scheme and its consequential impact.

The opposition is observing today as a “black day” and we reported how they were also furthering their anti-demonetisation rhetoric by sharing a photograph of a crying old man to portray how the scheme had hurt the old and poor.

As subsequently exposed, this photograph was taken out of context and the man was actually wincing in pain because he was pushed by someone and a woman stepped on his foot. He at a personal level is now happy with demonetisation.

- Advertisement - - Article resumes -

The cacophony around this scheme has meant that the truly positive stories regarding this scheme have failed to hog the limelight. Here are a few:

A TOI report recounts how Vishnu Desai a Kirana shop owner who has operated his shop for about 60 years, found the basics of his business challenged when PM Modi announced the decision to demonetise RS 500, RS 1000 notes. But the Panjim based Kirana shop owner decided to innovate.

In the upcoming days, 85 year old Desai and his son learnt the basics and started accepting payment with the help of mobile wallet Paytm. After making this change, the customers asked as to why did they not accept credit or debit cards, based on the feedback, the Desais installed a POS machine.

They later decided to make further tech innovations like install CCTV cameras and use a 4G smartphone to manage their transactions.

A year on, the Desais find online transaction much more convenient as not only there is no fear of robbery, the hassles of calculating the change and tallying the cash at the end of the day has been eliminated.

Demonetisation hasn’t only helped people become more tech friendly. It as per reports has also dealt a fatal blow to the counterfeit currency bastion in Kaliachak, West Bengal.

A place once called, “India’s counterfeit capital”, Kaliachak has recorded the lowest counterfeit note seizure in the past year. As per security agencies, fakes notes worth Rs 55.66 lakh have been seized post demonetisation. This means a marked decrease from total seizures of Rs 1.48 crore in 2016, Rs 2.61 crore in 2015 and Rs 1.80 crore in 2014. The total number of smuggling syndicates have also come down to 12 from earlier 20.

The authorities though feel that a real change in this region can only be brought after locals are provided decent alternative employment so that they aren’t lured into the world of criminal activities.

We had also reported yesterday how post demonetisation there was a 17% increase in e-filing of Income Tax returns, which as per an Income Tax official, was due to the IT department asking people to file their returns for coming clean with respect to their post demonetisation transactions.

Whatever may be the long term impact of this scheme, the healthy share of positives in the short term, should be used as a motivation for spurring further innovation in the Indian monetary sphere, in the coming years.

Contributor at OpIndia.com,
Wish to write a great trilogy someday!

Share and Support:
Support OpIndia by paying for content

Most read articles recently

Here is why BJP lost elections, and of course, it was deliberate

What BJP supporters need to realise is this - no political party ever wants to lose and least of all, a party led by the two most politically aggressive politicians the country has ever seen.
Madhya Pradesh, Chhattisgarh, Rajasthan, Telangana, Mizoram assembly election results

Latest updates and breaking news on counting day: EC declares 3 wins in Madhya Pradesh, all 3 go to BJP

Latest news and updates from 2018 assembly election results of Madhya Pradesh, Chhattisgarh, Rajasthan, Telangana, and Mizoram.

India cannot turn into Islamic Nation, only Modi can understand gravity and do needful: Meghalaya HC

There should be uniform law for all Indian citizens, and anybody opposing the Indian laws and constitution cannot be considered as citizens of the country, Meghalaya High Court noted

Can the BJP satisfy its online supporters? If only it were Congress

BJP supporters online, also known as the ‘right wing’, are first to attack the party and write it off after electoral setbacks.

BJP’s real woes: Lessons from the electoral semi-finals

The prolonged silence of Prime Minister Narendra Modi and BJP President Amit Shah on election results was very telling. The results were clearly unexpected and possibly led to prolonged internal discussions on the future course of action.

Prashant Bhushan and left-liberal cabal was actively helping Vijay Mallya in UK court by attacking CBI special director Rakesh Asthana

Vijay Mallya's defence team was using Indian left-liberals' allegations agaist Rakesh Asthana in London court

Has PM Modi sounded the start of slog overs with the new RBI Governor’s appointment

Shaktikanta Das, who is currently a member of The Finance Commission and Former Finance Secretary (the one who presided over Demonetisation), has been appointed as the new RBI Governor by the Modi government
It is time for Congress and Gandhi Family mukt Bharat

Why Congress-mukt Bharat is still very much in progress

It is time BJP supporters understand the meaning of the term 'Congress-mukt Bharat'.

Mayawati extends support to Congress for Madhya Pradesh, may consider Rajasthan ‘to keep BJP out of power’

She said to defeat BJP in Rajasthan, too, BSP will extend support to Congress.

BJP may be weaker than it was in 2014, but Congress is not as strong as projected either

If Congress has not forgotten the 1996 elections, they would very well know they are on a sticky wicket here.

Latest articles

Connect with us

125,560FansLike
97,544FollowersFollow
6,058SubscribersSubscribe

Don't miss these